January 19, 2021
Earlier this month, NewVantage Partners released the 9th edition of their annual Big Data and AI Executive Survey, a comprehensive analysis of c-executives feedback on the impact of data collection and processing at market-driving corporations. Specifically, the 2021 report is titled The Journey to Becoming Data-Driven: A Progress Report in the State of Corporate Data Initiatives. With 85 Fortune listed companies and blue-chip firms participating, the report boasts a wealth of executive feedback, which we’ve broken down for you here.
Interest has increased and investment is up:
77.8% of the respondents confirmed that their companies had AI capabilities (up 12% from last year) and 96% of the participants affirmed that innovations in artificial intelligence (AI) and data science (DS) have had a positive impact on them. Only 4.1% of these Big Data execs reported no applications of AI in use.
Implementation still comes with its challenges:
As enthusiastic as executives are for the possibilities AI and DS boast, they’re also realistic about the difficulties of implementing a new data-driven approach. Beyond the technical difficulties and administration required to keep up with continuously developing privacy legislation, 92.2% of the surveyed executives identified the complexities of the corporate cultural environment – people, process, organization, change management – as the biggest impediment to fully adopting a strong data culture. There are a lot of moving parts with more being added daily, and a lot of work to be done to make adoption more viable.
Nonetheless, optimism is bountiful:
Surprisingly, despite the struggles everyone faced in 2020, survey respondents expressed that more than ever, they saw the advantages of a more data-driven operation and grew even more eager to pursue it. 81.0% expressed optimism about growing AI/DS adoption in their organizations, 91.9% affirmed that investing in AI/DS was increasing popularity, and 45.4% considered their own organizations as industry-leaders in AI/DS progress. With the proper optimism, commitment, and investment, the applications for data-driven technologies will blossom across all industries and services.
Similarly, there are great opportunities for streamlining, automation, and monitoring tools for the legal industry that would finally allow lawyers and legal professionals to focus on high-value work. Consider tools like Counself Insight’s invoice analysis and anomaly detection technologies, which were developed using specially designed proprietary algorithms. AI/DS application is a game-changer for every industry, and Legal is no exception. Corporate legal departments and law firms may have been slower in adopting data analytics and AI technology to their workflows in the past, but they’re now seeing that the firms and legal departments who took advantage of process automation and other AI/DS tools were able to adapt to COVID-19 and stay secure and profitable as their operations and process transformed. Soon, we may see that this approach will be the norm within the industry with more and more firms are taking advantage of data in their decision making. Don’t get left behind.
Know what your data is telling you, request a demo here.